• Report: #246222

Complaint Review: CIT Financial, Monex

  • Submitted: Mon, April 30, 2007
  • Updated: Thu, March 17, 2011

  • Reported By:Gravenhurst Ontario
CIT Financial, Monex
207 Queens Quay West , Suite 700, Toronto, On. M5J 1A7 Toronto, On. M5J 1A7, Ontario Canada

CIT Financial, Monex Undisclosed hidden Charges, equipment doesn't work Toronto Ontario

*Consumer Comment: MONEX is BIGGEST SCAMMER in N.America

*Author of original report: Lease Terminated by LFG

*Author of original report: Monex Address

*Consumer Comment: Monex's ADDRESS

*Consumer Comment: Calling Victims of Monex: Your Voice Counts!

*Consumer Comment: I testify what Charles said is true ...

*Author of original report: LFG

*Author of original report: LFG buys Leases from CIT

*Consumer Suggestion: WHAT ALL BUSINESS OWNERS SHOULD KNOW ABOUT CC PROCESSORS!

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About a year and a half ago I signed a contract with a Monex Sales Rep for a wireless credid card machine. The contract stated 49.86/month for 48 Months. Conveniently the paperwork was staples together hiding the CIT logo on the lease. While doing my taxes this year I noticed that the charges debited from my bank account were for $74.62 by a company identified as LFG on my statements and that a charge for $15.90 had been deducted by Monex since Aug 7. Calls to Monex offered 2 different explanations about this charge, one was a warranty replament fee the other excuse was a charge for the wireless (Rogers), I wonder which one is true? The charges were undisclosed at the time of signing the contract.

After removing the staple in the contract to copy the specific page I noticed that the lease was with CIT. With a quick call to the number on the lease I discoved that CIT is a US based business even if the address is listed in Burlington Ontario.

I quickly discoved that customer service at CIT is misnamed, more like rude, crude and totaly without respect, they should listen to their recordings some time.

Acording to the so-called service person, our contract is for $63 plus taxes and not for the amount on my copy of the contract, I wonder what happended there?
What a rip-off, how can Monex legaly apply hidden charges and how come my payments are not the same as on my contract?

To add insult to injury, my credit card machine has not worked for 3 weeks, Monex sent me a replacement termimal and that one still doesn't work. Layers and Layers of companies spanning more than one country all blaming each other and covering for each other.

Charles
Gravenhurst, Ontario
Canada

This report was posted on Ripoff Report on 04/30/2007 12:36 PM and is a permanent record located here: http://www.ripoffreport.com/r/CIT-Financial-Monex/Toronto-On-M5J-1A7-Ontario-M5J-1A7/CIT-Financial-Monex-Undisclosed-hidden-Charges-equipment-doesnt-work-Toronto-Ontario-246222. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

MONEX is BIGGEST SCAMMER in N.America

AUTHOR: J - (Canada)

I'm planning on doing a group lawsuit on this MONEXGroup!!


If you are one of the victims and would like to start a lawsuit and
end this company, please e-mail me.


If you also have any previous issues with this company,
or would like to tell us any tips or your experience,
please email me.


The original poster of this report,
please email me and help us to take down this company.


redhawkdown@hotmail.com
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#2 Author of original report

Lease Terminated by LFG

AUTHOR: Charles - (Canada)

With the help of the Attorney General of Illinois, Consumer protection division, our lease has been terminated by LFG and we have been relieved of all future obligations under the lease agreament with the stipulation that LFG will update our Credit report. I'm assuming that's a negative update. Monex on the other hand is still attempting to withdraw (uncessfully) funds from our bank account.

We have also received a threatening letter from the Monex "legal department" stating that we "may be in breach of contract" and that we reactivate the terminal, that's a bit hard to do since it hasn't worked for 5 months and they have never replaced it. If we do not reactive the (non-working) equipmentwe may be liable for a $5000.00 Service Disruption charge which they may collect by sending a bailiff to seize assets. I'm under the impression that before a bailiff seizes assets he must have a court order.

Consumers please take note that Monex now has a new web site. You can secure a great deal with a $100 deposit to get the best rates. The Monex web site does not list an address only phone numbers, are you willing to drop $100 without seeing and reading the contract before? Look for hidden charges, surcharges if you don't process enough monthly transactions and charges when your defective equipment doesn't work. That's the equipment they are charging you "waranty fees for". It might be a good idea to read the contract before you dish out any cash.
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#3 Author of original report

Monex Address

AUTHOR: Charles - (Canada)

You may find Monex at 31-111a Zenway Blvd, Vaughan , Ontario. L4H 3H9. At least this is the address on the only invoice we have ever received from them. I would also suggest you contact the York Regional Police at tel: 905-773-1221 ext. 7724, that's the fraud intake extension. You might also consider calling the OPP detachement in your area or the Orillia HQ. They already have our report on file so this should be all familiar to them. If your lease is with LFG in Illinois you can contact the Illinois Attorney General, at the following web site, this form is filled in on line and you just mail it in. illinoisattorneygeneral.gov/consumers/filecomplaint.html

Good luck!
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#4 Consumer Comment

Monex's ADDRESS

AUTHOR: Divine - (Canada)

Apparently, Monex has taken their address off their website for very obvious reason. For those who wish to pursue them, here is the, address:

Money Express Financial Inc
71 Silton Road, Unit 3
Woodbrifge ON
L4L 7Z8
Phone: 905.265.0041
Fax: 905.265.1828
monexgroup.com

Here is an email from one of their victim Money is NOT THERE!

From: Jennifer
Date: May 26, 2007 9:26 PM
Subject: oh those monex people
HI TO EVERYONE OUT THERE ,OH BOY DID MONEX & THEIR SALESMAN GET ME GOOD .I PAID FOR THE MACHINE BY CHECK BUT STILL THE SALESMAN HANDED IN THE LEASE AGREEMENT WHICH I REFUSED SINCE I WAS GOING TO PAY IT ALL OFF.THE GUY FROM THE LEGAL DEPARTMENT TOLD ME ,OH FINISH OFF THE LEASE & I WILL REFUND YOUR MONEY BACK .WHAT EVER I'M STILL WAITING, SO I WENT DOWN TO THE LOCATION IN WOODBRIDGE ,WHERE THEY WERE ,NO NOT THERE .SO I CALLED THEM TRYING TO FIND OUT WHERE THEY ARE LOCATED ,WHAT DID THEY TELL ME ,SORRY WE CAN'T RELEASE WERE WE ARE LOCATED SINCE WE ARE A PRIVATE COMPANY.IF ANYONE CAN HELP ME OUT ON THEIR LOCATION .I WOULD GREATILY APPRECIATE IT .THANKS PITBULL 1
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#5 Consumer Comment

Calling Victims of Monex: Your Voice Counts!

AUTHOR: Divine - (Canada)

So you have been ripped off by Monex? You are not alone ...

It's indeed sad that the government is yet to take any action against them. Nonetheless, write to us with your personal details if you are interested to join us to file a class action against them.

As a responsible citizen, we urge you to report your predicament by first lodging a formal complaint with RipOffReport.com , Better Business Bureau (BBB)and Competition Tribunal Canada prior to contemplating any legal action.

RipOffReport.com
ripoffreport.com/

Better Business Bureau
bbbmwo.ca
Email: info@bbbmwo.ca

Competition Bureau Canada
There are 4 ways to file a complaint: -

File a complaint on the Internet
competitionbureau.gc.ca/internet/index.cfm?itemID=1260&lg=e&CFID=9768356&CFTOKEN=31080417

File a complaint by Email
compbureau@cb-bc.gc.ca

File a complaint by phone or by fax
Toll-free: 1 800 348-5358
Fax: (819) 997-0324

File a complaint by mail
Competition Bureau
50 Victoria Street
Gatineau, Quebec
K1A 0C9

Here is what I gathered from a victim for your reference laws.justice.gc.ca/en/c-34/index.html, ct-tc.gc.ca/index.asp
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#6 Consumer Comment

I testify what Charles said is true ...

AUTHOR: Divine - (Canada)

I am reporting this on behalf of the Victim

One Majibur Mollah, Sales Manager of Money Express Financials who trade under the tradename Monex came to his business establishment to try to sign him up for their merchant services on several occasions during the summer of 2004. He eventually agreed to give the salesman a try after the salesman promised (a written agreement was also endorsed by the salesman that there will be no setup charges, no hidden and no additional charges whatsoever other than the $32.00 the monthly terminal charges (lasting 48 months and thereafter, free of charge forever) whereby charges for debit card is at $0.10 transaction only.

The equipment was installed and various additional charges which have never been revealed or disclosed to him before, let alone agreed upon, were withdrawn from his bank account starting with the credit card company called 'GlobalPayment' (see GlobalPayment.jpg) which Monex now denied is their partner (I think GlobalPayment' has decided to end their relationship after he have complained to them) with for the setup charges and monthly maintenance charges and followed by Monex, which charges an additional $1.50 (so they claimed but he has never received any statement from them to indicate this before) for every batch closing as well as the equipment provider who demanded additional fees for insurance coverage, among others.

Another unthinkable fact is Monex has fraudulently misrepresented themselves as one company while the actual fact is that there at least 3 companies behind their operation. He only found this out after he look into the paperworks and he discovered the contract with CIT (the machine leasor) whereby its logo was cleverly hid by staples right underneath the Monex contract. Also, CIT was using a company called LFG to withdraw fund from my bank account. I believe the reason why they do this is to make sure their victims would have no recourse should a dispute take place. For example, he called CIT, he was greeted by a representative that is rude, crude and totally without respect, she just hang up on after telling him the contract is not cancelable.

He wouldn't have agreed to use their service if only he is aware of the additional charges or hidden costs. As such, he informed Monex unless they are wiling to adhere to the original term and conditions, I would otherwise have no choice but to end the relationship and he hasn't been able to get any response them ever since.

On November 11, 2004. Monex instructed Emergis Inc. ie. Monex's debit transaction processing provider to hoId back.$1,179.00 which is rightfully his and he have been advised by Emergis that there is nothing they could do to release the money as they are bound by their contract with Monex. He again contacted Monex which in turn demanded him to remit them a $500.00 'security deposit' first and he informed them the request is most unreasonable because he doesn't intend to do any business with them anymore and as such, Monex should just send him a bill for the legitimate charges but they refused.

As Monex has acted unethically, irresponsibly as well as illegally on certain issues including but not limited to withholding his Interact fund. He therefore have no choice but to file a claims with the Toronto Small Claims Court to recover the loss.
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#7 Author of original report

LFG

AUTHOR: Charles - (Canada)

Since we put a stop all payment on our bank account Monex and LFG can no longer withdraw funds. We have contacted the attorney general of Illinois but we are still waiting back to hear from them. It is oubvious by the amount of complaints on this site and on the BBB on Illinois that this company and it's "partners in crime" use the same tactics in the USA and Canada to commit forgery in order to commit fraud.
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#8 Author of original report

LFG buys Leases from CIT

AUTHOR: Charles - (Canada)

It turns our the lease in question was "assigned" to LFG by CIT in Burlington, Ontario. Another layer and our lease is now in another country. The original lease of $63 is now $74. We have since come in possesion of an document with my wife's obiously forged signature by the Monex sales rep. This document confirms that we have received working equipment (not). After a year and a half and 3 different terminals we are still unable to process credit or debit cards. Countless phone calls to Monex have resulted in absolutely to resolution to this problem. After contacting LFG they sent us an affidavit of forgery to fill out and get notarized and return to them. Having promplty done so with all the information they required they responded that they had only received part of the document. Strangely enough the packaged was signed for (confirmed by the online tracking system of DHL) by the receiptionist at LFG with no mention of an opened or damaged envelope. More delaying tactics on their part. So to sumarize, we sign a lease presented to us by the Monex sales rep. the lease says CIT with a Canadian address and a US phone number on the paperwork. Who are we dealing with?
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#9 Consumer Suggestion

WHAT ALL BUSINESS OWNERS SHOULD KNOW ABOUT CC PROCESSORS!

AUTHOR: Amanda - (U.S.A.)

Hello, I have been in sales 7 years and I love sales! I hate sales people and ALOT of comanies though because they will tell you what it takes to make a sale or leave out the info to get the sale! I worked for a CC processor for one week until I caught on to there SCAM! This isn't just with one company it's nearly ALL OF THEM! I am currently getting set up to sell for one that doesn't one out of oh about all of them!

IN ORDER OF IMPORTANCE . . .

1) TERMS OF THE CONTRACT

2 ) NON-DISCLOSED RATES & FEES

3 ) MONTHLY MINIMUM

4 ) INITIAL COST VS. RATES

WARNING . . .
What You Do Not Ask
Can Cost You Plenty!


"Tricks-Of-The-Trade . . .
What Every Merchant Should Know"

TERM AGREEMENTS


In the card processing industry, the most important part of a merchant account contract is the "Terms of Agreement"; i.e., how long you as a merchant are required to remain with this particular source without incurring a substantial financial penalty. This often well hidden (and not discussed at time of signing) part of the contract is far more important than your initial rates, equipment prices or monthly fees. Any term agreement longer than a couple of months is a very unwise business decision for the unsuspecting merchant unless a written guarantee is obtained clearly stating that rates will not be raised during the length of the term, whether it be one, two, three or more years. It should be noted that rate guarantees, although often not stating thus, do not apply to interchange raises; i.e., if VISA and/or MasterCard raise the rates they charge banks, ALL sources go up accordingly, regardless of what any company or agent has told you to the contrary.


Term Agreements are undoubtedly the number one cause for merchant anger and frustration in our industry, and unless you have written assurance of a rate guarantee for the entire duration of the term, such an agreement should be avoided at all costs. If your agent representative does not mention term agreements or bother to show you in writing the specific length (term) of the contract commitment, then you should run from this agent and never look back! The very best advice we can offer, which is too often ignored, is for you the merchant to compel your agent to show you, in writing within the contract he or she is asking you to sign, the length of your contract commitment and your penalties for early termination. Never take the word of the merchant account agent or company--require them to show you where in the contract the specific terms are stated regarding the required length and financial penalties for not fulfilling the required terms.


Why is this so important? Simply put, many even very large banks and processors have purposely devised a deliberately deceiving merchant account program, offering initial rates below the legitimate competition and sometimes, offering a free realtime gateway or other equipment that initially costs them. Once an unsuspecting merchant is signed into a long-term commitment, the rates begin to creep up, usually in small increments. Over time, that initial rate of 1.59% or 2.25% can become 1.99% and 2.99 or even higher. When the merchant attempts to switch to another processor, he or she finds it will cost several hundred and sometimes thousands of dollars to get out of the contract term early. A REAL INDUSTRY TRICK TO BE STUDIOUSLY AVOIDED

OFF-BRAND EQUIPMENT


There are three brands of credit card processing equipment that can be used by virtually all U.S. processors: Nurit (Lipman USA), Hypercom and Verifone. Purchasing equipment manufactured by companies other than these three (except software) is very risky at best.


Obviously, if the terminal you invest in can only be used by one or a few processors, then you are at the long-term mercy of those processors regarding rates, fees and service. Marketing off-brand equipment that is only compatible with one or a few processing sources is a
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